Tuesday, 20 September 2022

The digital currency

 A digital currency 1st ever digital currency based on blockchain.

A cryptocurrency exchange do take kyc before inrollment of your account. The same thing happens with bank accounts.

These practises don't apply to your wallet. Decentralised manner of transactions which can be seen by users anytime.

 Unconventional to fiat currencies. A virtual currency designed to act as money in form of a payment system without any third party control.

It can be purchased through any exchange. The verification of transactions are rewarded to blockchain miners.

Bitcoin was introduced to public in 2009 by anonymous developer or group of developers in the name of Satoshi Nakamoto. 

Since 2009 it has been the highest priced cryptocurrency most of the times. In 2010 the price of Bitcoin rose from a penny to $ 0.09.

This currency has seen several rallies and crashes since it became available.

It was designed to be used in daily transactions. 

Because of the attention of the investors, economists and several governments other cryptocurrencies began to develop around 2017.

Bitcoin became the means of exchange for other cryptocurrencies. There were institutions which created Bitcoin investment instruments. Some traders were also betting against its price change.

Right now the price of Bitcoin is anchored between $21000 to $25000 and it has not crossed the level of $50000 since December 2021.

Apart from buying one can start Bitcoin mining.

What is Bitcoin mining?

A Government can print and distribute money when it decides to do so. Bitcoin is decentralised currency. It functions on cryptographic technology to generate more coins into the system solving complex mathematical problems to verify transactions in the currency.

After successfully adding the Bitcoin to the blockchain miners get predetermined amount of Bitcoin depending on the computing power. One liner for mining is "how transactions are validated on blockchain".

Bitcoin mining on Android 

One can start mining Bitcoin with a n Android mobile phone. Android mobile phones as crypto miners are not the same as traditional mining software and hardware. In the current state of mining Android phones will not be able to give a good enough profit in comparison of time and effort put in.

It doesn't undermine the power and efficiency of Android phones to mine Bitcoin.

Other miners use way more powerful tools that makes Android phones useless for mining. 

But there are apps created especially for Bitcoin mining without having to invest high quality equipments.

These apps work in pool with other Bitcoin miners who combine their computing power and share rewards they get from mining.

The concept of mining Bitcoin here is that if you want to change the pool or ban mining altogether you have to unregister your account or deleted the app from your phone completely.


The digital currency

 A digital currency 1st ever digital currency based on blockchain. A cryptocurrency exchange do take kyc before inrollment of your account. ...